Share prices are expected to move sideways with an upward bias on expectations that mobility restrictions in National Capital Region will ease by next month as COVID-19 cases drop.
Daily COVID-19 cases in the country remain high but those in Metro Manila are on a downward trend.
“At this point we expect the PSEi to trade sideways between a range of 7,000 to 7,300 as investors seek further clarity on the ongoing surge, focusing mainly on the progression of the surge and how the IATF (Inter-Agency Task Force for the Management of Emerging Infectious Diseases) with regards to Alert Leve III at the end of the month,” online brokerage firm UTrade.com.ph said.
Utrade said bullish sentiments will return when the cases start to decline and when IATF downgrades Metro Manila and other key provinces to Alert II.
The Philippine Stock Exchange Index last week added 0.4 percent to 7,293.52 while the broader All Shares Index rose 0.4 percent to 3,869.40.